Dow Jones: Fibonacci Analysis Update 16-Nov
Source: http://www.g2trader.com/index.php?option=com_content&view=article&id=47:dow-jones-fibonacci-analysis-update-16-nov&catid=2:fibonacci-levels&Itemid=6Posted on Sunday, November 16th, 2008 | In Market Commentary
Contributed by: Graziano Nanetti (http://www.g2trader.com) -
Monthly chart shows in November an up retracement that broke the first resistance node but, as november is not yet completed, for the moment this is an unconfirmed signal of a continuing up retracement that could push the index toward the second resistance node.
Resistance levels:
Node 1 = 9404 (broken)
Node 2 = 10344
Switching to the weekly chart we can see how last week negated completely the up move of the three previous weeks setting a new bearish Fibonacci pattern (a’, b’, c’). This pattern give us three new down expansion targets:
COP = 7191
OP = 5669
XOP = 3206
I will accept this bearish model only if the low of october (b’= 7882) will be violated. In this case the hypotesis of a continuing up retracement will be negated.
Last 5 posts by Graziano Nanetti
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Graziano Nanetti is an independent analyst and has years of experience in technical analysis for stocks and indexes. G Squared is born from an idea of Graziano Luciano and Graziano Nanetti, founders of G Squared.
Previously, Graziano Nanetti was the author of the financial blog RNE Trading. His blog expanded to include more detailed contents about markets and to publish the great material he received from Graziano Luciano.
Now, G Squared is aimed at pubblishing open minded financial articles about few major indexes (S&P500, S&P/MIB, Nasdaq100) belonging to financial international markets.
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